(a) Upon a person's dissociation as a limited partner: (1) subject to § 4-47-704, the person does not have further rights as a limited partner;(2) the person's obligation of good faith and fair dealing as a limited partner under § 4-47-305(b) continues only as to matters arising and events occurring before the dissociation; and(3) subject to § 4-47-704 and subchapter 11, any transferable interest owned by the person in the person's capacity as a limited partner immediately before dissociation is owned by the person as a mere transferee.(b) A person's dissociation as a limited partner does not of itself discharge the person from any obligation to the limited partnership or the other partners which the person incurred while a limited partner.Acts 2007, No. 15, § 1.
Arkansas Legal Code